Lundbergföretagen B (LUND-B.ST) — 2026-W165

Analysis date: 2026-05-31 | Country: SE | Currency: SEK

Recommendation Summary

Field	Value
Rating	Hold
Intrinsic Value	480.0 SEK
24m Target	510.0 SEK
Price at Analysis	540.5 SEK
Buffett Score	10/20
ROIC	6.2%
Economic Profit	-3,624.7M SEK
Implied Upside (IV)	-11.2%

VALUE DESTROYER: EP negative (-3,624.7M SEK). ROIC 6.2% < WACC 8%.

Research history · this company (2 notes)

2026-W165 · 2026-05-31 · LUND-B.STviewingHold · ROIC 6% · tgt 510 SEKΔ tgt -18% · IV -23% · HOLD→Hold · MEDIUM→low convLundbergföretagen B: Kapitalförstörande, ROIC under WACC

2026-07-08 · 2026-07-08 · LUND-B.STHOLD · tgt 620 SEKfirst noteLundbergföretagen is the archetypal Swedish quality holdco: SEK 149bn NAV (602/share), 85%

0. Company Identification

Ticker: LUND-B.ST | Name: Lundbergföretagen B | Country: SE | Sector: Investment Holding

1. What the Company Sells

Lundbergföretagen B operates in the Nordic market. ROIC 6.2% vs WACC 8% → EP -3,624.7M SEK.

2. Who Pays and Why They Stay

Customers pay for products/services based on value proposition and brand strength.

3. Revenue Model

Revenue generated through product/service sales. Scalability and recurring revenue characteristics vary by segment.

4. Margin and Cash Mechanics

ROIC 6.2% vs WACC 8.0% → Economic Profit -3,624.7M SEK.

5. Supply-side Dependencies

Raw materials, suppliers, distribution channels, and human capital.

6. Competitive Position

Moat strength: 1/5. Brand strength, technology, and customer relationships drive competitive advantage.

7. Growth Engine

Market penetration, geographic expansion, and product development.

8. Business Model Risks

Top risks: Cyclical demand, competitive pressure, raw material costs, macro exposure.

9. History, Management & ESG

Established Nordic industrial company with stable management.

10. Synthesis and Recommendation

Hold — Lundbergföretagen B: Marginal value creation, EP -3,624.7M, await better entry.

mttssn research · Lundbergföretagen B (LUND-B.ST) · 2026-W165 · 2026-05-31